While no one enters a marriage assuming that it will end at some point in the future, divorce statistics prove that it is prudent to plan for this contingency. One way that you can protect your interests before you marry is to create a prenuptial agreement. A prenup is a contract that outlines how you intend to divide marital property in the event of a divorce, but it can also provide additional protections and benefits.
One of the most important factors in the creation of a prenuptial agreement is ensuring that it is fair and enforceable. This is critical in case there is a dispute over the terms of the agreement at some point in the future. It may be helpful for you to learn more about this type of contract, how it could benefit you and what you should include in order to be certain that it will withstand scrutiny.
The elements of a marital contract
The terms of your prenuptial agreement matter. This is a custom-tailored contract suited to your individual needs and objectives. While favored by the rich and famous, a Pennsylvania couple does not have to be wealthy in order to benefit from a prenuptial agreement. The following may provide insight into how you could benefit from a prenup and how to create one that benefits both parties:
- A prenup must be fair, but the standard of fairness is based on the factors of the individual situation.
- Your agreement outlines the division of marital property in case of divorce, but it can also outline the financial responsibilities of each party during marriage and more.
- Full financial disclosure by both parties is a requirement before signing the agreement, and each party must have sufficient time to read, review and understand the contract.
- Prenuptial agreements can outline the payment of alimony, but it cannot address the issue of child custody or child support.
If you are preparing to marry, you may benefit from learning more about how a prenuptial agreement could be a prudent choice for you. An assessment of your finances, property concerns and other matters will help you understand the specific legal steps you will want to take in order to have the full amount of protection you need entering your marriage. For many, a prenup is not planning for the marriage to end. It is simply a way to have peace of mind regarding long-term security.